What is the name of your state? IOWA
I have what is to me a complicated tax situation. Here's the deal.
I have permanent residence in Iowa. I worked in California earning approximately $23,000 before tax in 2005. I am a single 22 yr. old full time student.
I also bought goods (~$33,000 worth) and received payments totalling ~$46,000, all of which was transacted over eBay.
These two incomes give me roughly $36,000 of income for 2005. How do I claim the income from selling goods on eBay? Do I simply write in the profit amount under "other"? Or is this not taxable because it is online? I want to be able to keep as much money as possible (obviously).
Next year I will be starting a business for this other category, but had nothing established for 2005.
THANK you for any help you offer.
I have what is to me a complicated tax situation. Here's the deal.
I have permanent residence in Iowa. I worked in California earning approximately $23,000 before tax in 2005. I am a single 22 yr. old full time student.
I also bought goods (~$33,000 worth) and received payments totalling ~$46,000, all of which was transacted over eBay.
These two incomes give me roughly $36,000 of income for 2005. How do I claim the income from selling goods on eBay? Do I simply write in the profit amount under "other"? Or is this not taxable because it is online? I want to be able to keep as much money as possible (obviously).
Next year I will be starting a business for this other category, but had nothing established for 2005.
THANK you for any help you offer.